Crude oil prices slide amid fears of supply boost, weakening demand
SINGAPORE (Reuters) – Crude oil prices skidded on Monday, under pressure from expectations of higher supplies and weakening demand.
Brent crude futures fell 58 cents, or 0.7%, to $81.59 a barrel, as of 0151 GMT. U.S. West Texas Intermediate (WTI) crude lost 58 cents, or 0.7%, to $80.21 a barrel.
Both markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden’s administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
